Cryptocurrency Bitcoin is trading at 27447 and continues to move as part of the development of a correction and a bullish channel. BTC/USD quotes are located above the upper border of the Cloud of the Ichimoku Kinko Hyo indicator. This suggests a short-term bullish trend for the digital asset. As part of the Bitcoin price forecast for August 31, 2023. The development of a correction in the value of the asset and a test of the area of the signal lines of the Ichimoku indicator near the level of 26865 are expected. Where can we expect a rebound upwards and an attempt to continue the growth of the Bitcoin cryptocurrency with a potential target at the level of 29945.
Bitcoin Forecast and Analysis for August 31, 2023
An additional signal in favor of the growth of the BTC/USD cryptocurrency will be a test of the support area on the coin price chart. The second signal will be a rebound from the lower border of the bullish channel. Earlier, a medium-strength signal was received for buying Bitcoin cryptocurrency. The signal was formed due to the crossing of the signal lines at the level of 26405. The nearest resistance area for BTC/USD on the chart is at the level of 28620. The support area for Bitcoin is at the level of 26645.
The cancellation of this option for the growth of the value of the digital asset Bitcoin tomorrow will be the fall and the breakdown of the lower border of the Ichimoku indicator Cloud with the closing of quotes below the level of 25345. This option will indicate a change in the bullish trend in favor of the bearish trend and the continuation of the fall in the Bitcoin exchange rate against the US Dollar on August 31, 2023. It is worth expecting an acceleration in the growth of BTC/USD quotes with a breakdown of the resistance area and closing the price above the level of 28165.
Bitcoin Forecast and Analysis for August 31, 2023 suggests an attempt to develop a cryptocurrency correction and a test of the support level near the area of 26865. Where should one consider the continued growth of the Bitcoin rate with a potential target near the level of 29945. Cancellation of the rise option will be a fall in the value of the asset and a breakdown area of 25345. This will indicate a continuation of the fall with a potential target near the level of 22405.
